Summ gets a major face lift
Summ (formerly Crypto Tax Calculator) has been around for almost three years. I first started this project back in 2018 after copping a $2k quote from an accountant to sort out my degen trading activity.
At the time most of the crypto tax platforms were built to facilitate the rather simple Bitcoin protocol, which was limited to mostly buying and selling on centralized exchanges. However I was a big fan of the Ethereum protocol, and had been trading on a few DEXs as well as participating in over 20 ICOs. Needless to say, getting my taxes sorted using the existing tools was a near impossible task. Instead I built a script to read from the Ethereum blockchain and automatically categorise transactions.
Fast forward to 2020 and the app had helped thousands of crypto enthusiasts with their crypto taxes. Along the way we learned some big lessons and decided to double down on the app, rewriting the backend so that we could quickly support the thousands of new financial products emerging in the crypto space. This turns out to have been a wise decision. The crypto space has since rapidly exploded, our app has seen dramatic growth, we have greatly expanded from a one man shop to a team of ten, and it is now easier then ever to get your taxes sorted.
A non trivial list of improvements
Integrated support for margin/futures/options trading on major exchanges such as Binance, BitMEX, Bitfinex, Bybit, Liquid, Kraken, FTX, and Deribit.
Automated on-chain categorisation of DEX protocols such as Uniswap, OasisDEX, Kyber, Airswap, Balancer, Maker, and Sushiswap.
Automated support for DeFi protocols such as Compound, AAVE, and Synthetix.
Support for staking across CEX and DeFi solutions including Sushiswap, Kraken, Celsius, NEO, and Crypto.com.
Support for Specific ID (Last In First Out, Highest In First Out) inventory methods.
Support for Canada and UK with their unique inventory rules.
Additional support for over 100 exchanges.
A complete redesign of the UI/UX
Performance upgrades that allow you to calculate taxes on up to 100,000 transactions in under 5 seconds.
What's next?
We have now built out the foundational pieces to become the most comprehensive tax software in the crypto space. Our next priority is significantly expanding the "long-tail" support for crypto users. This includes:
Better tooling to analyze your trade history performance and the impact of future trades on your tax obligations.
Deeper support for local exchanges in the Canada, UK, and non-English speaking markets.
Significant expansion of our native blockchain support for up and coming protocols.
If you have anything you would like us to support we would love to hear from you! Just drop us a line on the in-app chat support.
The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Summ (formerly Crypto Tax Calculator) disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.
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